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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aly McDevitt2020-09-16T13:00:00
Two months after receiving the Department of Justice’s court order in June 2019, Carnival was able to tick off an important item from its to-do list: the hiring of a new chief ethics and compliance officer (CECO).
One of the court’s stipulations had been that Carnival appoint a new chief corporate compliance officer. Carnival did them one better: It found someone who could not only drive the movement of a centralized, enterprise-wide compliance department, but who also had big ideas about how to improve the ethical culture of the corporation. His name was Peter Anderson.
The emphasis on “ethics” in Anderson’s new job title, as well as in the corporate compliance department itself, was intentional. At least half of Carnival’s problems cited in court were ethics-based, according to Anderson. And if history repeating itself taught anything, it’s that the cause of Carnival’s problems may have been rooted in an ethical deficit all along. The solution had to be based on strengthening the corporate culture.
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News and analysis for the well-informed compliance or audit exec.
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2024-07-18T20:39:00Z By Aaron Nicodemus
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
2024-07-18T14:27:00Z By Adrianne Appel
Nearly three-quarters of compliance professionals at investment firms have made testing for off-channel and electronic communications surveillance a top priority in mock exams, according to a new poll, with more than half calling it the “hottest” topic of discussion.
2024-07-17T17:53:00Z By Ruth Prickett
The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.
2024-03-21T16:00:00Z By Aly McDevitt
Both JPMorgan Chase and Deutsche Bank retained their respective Jeffrey Epstein relationships for too long. Yet, there is a case to be made for why exiting a high-risk relationship too soon can become an inverse form of recklessness.
2024-03-20T16:00:00Z By Aly McDevitt
Why did JPMorgan Chase retain Jeffrey Epstein for more than a dozen years? How did the relationship persist despite glaring red flags? The “why” is straightforward; the “how” is more complicated.
2024-03-19T16:00:00Z By Aly McDevitt
Jeffrey Epstein’s designation as a high-risk client should have subjected him to enhanced due diligence that never appeared to occur, most notably at Deutsche Bank. Instead, Epstein was allowed to continue his misconduct despite numerous red flags.
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